02038cam a22002657 4500001000600000003000500006005001700011008004100028100002500069245016600094260006600260490004100326500001800367520080200385530006101187538007201248538003601320690010101356690010101457700002301558710004201581830007601623856003701699856003601736w9430NBER20161209115755.0161209s2003 mau||||fs|||| 000 0 eng d1 aSvensson, Lars E. O.10aOptimal Policy with Partial Information in a Forward-Looking Modelh[electronic resource]:bCertainty-Equivalence Redux /cLars E. O. Svensson, Michael Woodford. aCambridge, Mass.bNational Bureau of Economic Researchc2003.1 aNBER working paper seriesvno. w9430 aJanuary 2003.3 aThis paper proves a certainty equivalence result for optimal policy under commitment with symmetric partial information about the state of the economy in a model with forward-looking variables. This result is used in our previous paper, Indicator Variables for Optimal Policy,' which synthesizes what is known about the case of symmetric partial information, and derives useful general formulas for computation of the optimal policy response coefficients and efficient estimates of the state of the economy in the context of a fairly general forward-looking rational-expectations model. In particular, our proof takes into account that, under commitment, the policymaker can affect the future evolution of the observable variables, and thereby potentially affect the future information available. aHardcopy version available to institutional subscribers. aSystem requirements: Adobe [Acrobat] Reader required for PDF files. aMode of access: World Wide Web. 7aE37 - Forecasting and Simulation: Models and Applications2Journal of Economic Literature class. 7aE47 - Forecasting and Simulation: Models and Applications2Journal of Economic Literature class.1 aWoodford, Michael.2 aNational Bureau of Economic Research. 0aWorking Paper Series (National Bureau of Economic Research)vno. w9430.4 uhttp://www.nber.org/papers/w943041uhttp://dx.doi.org/10.3386/w9430